Below I plot the 2-yr RoC in the ratio of SPX Consumer Staples vs. the SPX itself dating back to the 1920s. The current –29% is essentially the second-worst print in history, tied with the 1929-1930 period preceding and in…...

Like nearly all of the commodity complex ex crude, the Ag portion of the space [via the S&P GSCI Ag Index: (SPGSAGD)] put in an all-time high bubble top in Mar-11 with the the YoY on the SPGSAGD first entering negative…...

Using monthly prices, the spread b/t silver’s hi/lo price over the past 12 months now stands at ~7.3%. That’s the tightest (smallest) spread in history dating back to the post-Bretton Woods era that began in 1971 when Nixon abandoned the…...

With my oft-repeated suggestion that XBT will reach $1 million in 2018 looking more comical by the day, I thought it appropriate to revisit the asset with a focus not on trying to predict upside, but on attempting to pinpoint a near-term…...

Below I plot gold and the spread b/t its 48 month high-low price range, which now stands at < 22%. Note that historically such a low spread is quite uncommon. In fact, there are only three other environments in which…...

Below I plot the price of the US long bond. The YTD sell-off in 2018 has taken us down to a critical, nearly 40-yr support level. It is this very support that has defined the secular bull market in fixed…...

As of the week of 12/15/17 the DJI’s weekly RSI logged a print of 85.6 (have chosen DJI instead of SPX because former has more available chart history). It’s continued to print > 85 in each of the ensuing three…...

I last wrote about Bitcoin ( Bloomberg: XBT) on 9/16/17 in this post. Therein we continued our ongoing comparison of the parallels b/t XBT’s cycle since its late 2008 introduction and silver during its halcyon cycle of 1970-1980, a conceptual framework…...